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My son withdrew his 401K in 2017 due to losing his job. It…

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My son withdrew his...

My son withdrew his 401K in 2017 due to losing his job. It was close to $66,000. In doing his taxes, he is still going to owe quite a bit even tho they took 20% already. Does he get any type of credit since he lost his job?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

He did get another job, so had other income...all total over $100,000.

Submitted: 1 month ago.Category: Tax
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3/18/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

In brief, there is not exception for loss of job. in addition to your son being taxed on the distributed amount, if he is younger than the age of 59.5 years old, he is getting hit with the 10% early withdrawal penalty.

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Customer reply replied 1 month ago
Ok, thank you very much. I believe that answers my question.
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

You are quite welcome. Please take the time to positively rate my response 3 or more stars so that I can receive credit for assisting you today. A 5 star rating is greatly appreciated. Thank you in advance.

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